Zegami Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09853507 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2021 TO 31 JANUARY 2022

FOR

ZEGAMI LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Noble

C S R Pope

J H Wilkinson

A M Graham

REGISTERED OFFICE:

Magma House 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

REGISTERED NUMBER:

09853507 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Intangible assets

4

27,500

29,250

Tangible assets

5

7,400

3,235

34,900

32,485

CURRENT ASSETS

Debtors

6

190,736

149,501

Cash at bank

41,316

232,914

232,052

382,415

CREDITORS

Amounts falling due within one year

7

(222,552

)

(189,112

)

NET CURRENT ASSETS

9,500

193,303

TOTAL ASSETS LESS CURRENT LIABILITIES

44,400

225,788

CREDITORS

Amounts falling due after more than one year

8

(621,083

)

(661,139

)

NET LIABILITIES

(576,683

)

(435,351

)

CAPITAL AND RESERVES

Called up share capital

3,639

3,639

Share premium

4,023,199

4,023,199

Share option reserve

894

3,280

Retained earnings

(4,604,415

)

(4,465,469

)

SHAREHOLDERS' FUNDS

(576,683

)

(435,351

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2022 and were signed on its behalf by:

R Noble - Director

1.	STATUTORY INFORMATION

Zegami Limited is a limited company, registered in England and Wales. Its registered office address is Magma House 16 Davy Court, Castle Mound Way, Rugby, CV23 0UZ and the registered number is 09853507.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) rounded to the nearest pound.

Going concern

At the year end, the company had net liabilities of £576,683 (2021: 435,351) because of the deferment of certain income over a period of ten years. The directors have considered the impact that this may have on the company and have prepared the financial statements on a going concern basis. They have reviewed the cash flow forecasts and working capital requirements of the company for the next 12 months, and are confident that the company will be able to meet its liabilities as they fall due for the foreseeable future.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.

Revenue from a fixed term license is recognised evenly over the license period. Revenue from other contracts is recognised when invoiced.

Intangible fixed assets

Intellectual property is written off over the anticipated useful life of five and ten years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery etc

- 33%

straight line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2021 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2021

and 31 January 2022

90,000

AMORTISATION

At 1 July 2021

60,750

Charge for period

1,750

At 31 January 2022

62,500

NET BOOK VALUE

At 31 January 2022

27,500

At 30 June 2021

29,250

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2021

17,879

Additions

6,005

At 31 January 2022

23,884

DEPRECIATION

At 1 July 2021

14,644

Charge for period

1,840

At 31 January 2022

16,484

NET BOOK VALUE

At 31 January 2022

7,400

At 30 June 2021

3,235

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

64,290

5,223

Other debtors

126,446

144,278

190,736

149,501

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

32,730

29,751

Taxation and social security

27,846

22,837

Other creditors

161,976

136,524

222,552

189,112

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

621,083

661,139

9.	SHARE-BASED PAYMENT TRANSACTIONS

The company has a share option scheme open to all employees.

The table below summaries the movements in the share options during the period:

2022

2021

No.

No.

Outstanding at 30 June 2021

1,178,958

1,258,958

Granted during the period

0

0

Forfeited during the period

0

(80,000

)

Balance at 31 January 2022

1,178,958

1,178,958

The movement in the share option reserve is:

2022

2021

£

£

Share option reserve at 30 June 2021

3,280

20,046

Fair value credit recognised in profit and loss account in the period

(2,386

)

(16,766

)

Share option reserve at 31 January 2022

£894

£3,280